Five Fast Office Facts Orlando

Cam Sousa • 8/8/2023

What You Need to Know in Today's Orlando commercial real estate (CRE) Market.

LARGEST NEW LEASE IN YEARS
Orlando recorded its first new lease deal above 150,000 SF in three years, as BNY Melon signed for a local relocation into 200,000 SF in Lake Mary, bringing YTD leasing activity to 1.2 MSF.
FLIGHT TO SUBURBAN QUALITY
Class A assets made up 69.8% of YTD leasing activity as tenants targeted premium Class A space. Suburban markets also made up 86.3% of new deals.
VACANCY STILL UP
Overall vacancy increased 120 BPS YOY to 14.4%, up 20 BPS from the previous quarter. Several large move-ins projected for the second half of 2023 are likely to bring this value down.
MODEST RENT GROWTH
Asking rate averages rose 2.9% YOY to $26.46 PSF FSG. Rents in Class A assets closed out the year at $28.60 PSF FSG overall, up 1.6% YOY.
EMPLOYMENT UP ANNUALLY
Orlando employment grew by 50,300 nonagriculture jobs, or 3.6% YOY. The unemployment rate was 2.6% in May 2023. Office-using employment gained 5,200 new jobs, a 1.3% rise.

FFF-Office---Orlando-2Q23-2

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